(Alliance News) - Oilex Ltd on Friday said it has secured a further six-month extension in relation to the acquisition of the Cooper-Eromanga Licences from Senex Energy Ltd.
In September, the oil & gas explorer said it agreed a deal to acquire 27 petroleum licences in the Northern Oil and West Gas Fairway in the Cooper-Eromanga basins, South Australia, for a nominal consideration.
In January, Oilex said it has agreed to sell all of its interests in Cooper-Eromanga to Sydney-listed Doriemus PLC. It said it would dispose of its 79% direct interest in the two petroleum exploration licences PEL 112 and PEL 444, with an option for Doriemus to acquire the remaining 21%.
It added that Doriemus will get the right to acquire 27 petroleum retention licences from Senex Ltd, paying for the acquisition through the issue of 28.3 million CHESS depositary interests.
At the time, Oilex said that sale has a deadline of June 30 for the conditions to be met. It added that should the sale be completed, Oilex Chair Lingo would become managing director of Doriemus, leading to him stepping down from Oilex.
However, on Friday, the company said the date for the satisfaction of the conditions in relation to the acquisition of the licenses has been extended to September 27.
"We appreciate the strong support of Senex and the South Australian Government while the company adjusts to this dynamic new operating environment. The extension, with minimal licence expenditure commitments, will give the company the opportunity move the projects forward in the best interests of all stakeholders," said Oilex Managing Director Joe Salomon.
In a separate statement, Oilex said it has extended the expanded role of board Chair Bradley Lingo until the end of April.
In September, Oilex said it would be expanding the operational role of Lingo, making him additionally responsible for the development and implementation of the company's strategy for the Cooper-Eromanga basins.
In February, the operational role was extended by a further two months until the end of March.
Oilex shares were trading 18% higher at 0.083 pence each on Friday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.